In November 2019, the Belgian Central Labelling Agency awarded the first Towards Sustainability labels to financial products that meet the quality standard for sustainable and socially responsible financial products.
This is based on a quality standard developed on the initiative of Febelfin, i.e. the Belgian financial sector association, in consultation with a wide range of stakeholders from the financial sector and civil society. More than 85 financial institutions from over ten countries are currently involved in the Towards Sustainability Initiative.
The underlying aspects of the quality standard are described in detail. Accordingly, a sustainable financial product must use following strategies: ESG integration, normative screening, exclusion criteria and at least one additional qualitative strategy.
The Central Labelling Agency (CLA) is a non-profit association established under Belgian law.
An independent auditor is assigned for the technical and in-depth review of the alignment of the products to investigate the listing to the label. The auditor is a consortium consisting of Forum Ethibel, ICHEC Brussels Management School and the University of Antwerp.
Investment funds, index products, insurance funds and savings products receive the Towards Sustainability label. Over 700 products have been awarded the label. Click on the button to go to the Towards Sustainability website and discover the financial products awarded with the label.
Source: Central Labelling Agency (CLA) of the Belgian SRI Label